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Cape San Blas Real Estate Week in Review - March 26 - April 1, 2022

Published on April 1, 2022 by Chris Petrie under Uncategorized

For Sale and Sold Sign

It’s hard to believe the first quarter of 2022 is already in the books, with 86 total transactions and $52,256,425 in recorded residential & vacant lot sales through our MLS from the Cape, Indian Pass and the 30-A corridor from January 1 to April 1 this year. For comparative purposes, in the first quarter of 2021 we had 135 total transactions and $54,144,996 in recorded residential & vacant lot sales from the same area through our MLS, which is a reflection of our shrinking inventory and increasing values. As for this week, it was another busy one with recorded sales especially, let’s get right to it and start with a review of each of the 14 sales (7 residential, 7 vacant lot) through our MLS from Cape San Blas, Indian Pass and CR/SR 30-A within the past 7 days.

  • 100 Dominica Drive – Starting on the north Cape in the San Blas Estates gated neighborhood, this 4 bedroom, 4.5 bathroom home has 3504 square feet living space, a private pool, an elevator and an X zone location for the property measuring 100′ x 147′. The partially furnished, Gulf and bay view home with deeded beach access was built in 2004 and was on the market for 55 days asking $1,189,700 before selling for $1,050,000 with conventional financing. The sellers purchased the property for $649,000 in 2019, and made some significant improvements before selling this year.
  • 6518 Cape San Blas Road – Here’s another Cape San Blas Road-side residence with bay and Gulf views. This 5 bedroom, 4.5 bathroom house with 2556 square feet living space was built in 2016 and is located in the Hibiscus gated community on the north Cape which features a community pool and dock, along with deeded beach and bay access. This fully furnished home generated $95k in gross rental revenue in 2020 and was on the market for 41 days with an asking price of $1,290,000 before going under contract and selling for $1,200,000 with conventional financing. The last time this property changed hands was in 2020 for $750,000.
  • 4518 Surfside Lane – One more residential sale from the north Cape, this 2 bedroom, 2 bathroom first tier duplex has 960 square feet living space and nice Gulf views between the Gulf front homes in front. This fully furnished, turnkey rental home generated over $32K in rental income last year, and just sold for the full asking price of $499,000 after being on the market only 2 days. The sellers purchased this 1989-built duplex for $60,000 back in 1991.
  • 130 Cord Grass Way – Heading down to the south Cape in the Jubilation neighborhood, this custom-built interior home sits on a double lot with a private pool, 4 bedrooms, 4.5 bathrooms and 2659 square feet of living space. The Jubilation community features an organized HOA, a community Gulf front pool, beach boardwalk, community sewer, gated entry and paved neighborhood roads. This primary residence came on the market asking $1,079,000 in late January, lasted only 12 days, and just sold for $1,099,000 with conventional financing (higher sales price resulted in some furnishings and high-end golf cart conveying with the sale). The sellers purchased the 2006-built home as a bank-owned property back in 2011 for $310,000, made lots of improvements, then added the second lot and pool a few years later.
  • 198 Club Drive – Here’s a rare condominium sale on the south Cape from the Dunes Club of Cape San Blas, one of only two condo buildings on the south Cape. The Dunes Club association offers a Gulf front community pool, tennis court, common ground and an elevator in the building. This 3 bedroom, 2 bathroom, 1176 square foot beach front unit was asking $450,000 and lasted only 4 days on the market, selling for $475,000 with conventional financing due to competing offers. The sellers did credit the buyers $2,500 at closing for some repairs, and they originally bought this condo unit for $370,000 just under two years ago.
  • 109 Rhonda Del Sol Circle – Staying on the south Cape, further to the east is the Villa Del Sol subdivision where Truland Homes is building lots of new spec homes which are selling as fast as they hit the market. This new construction home hit the market asking $699,900 last September well before its completion date, and only lasted 6 days on the market before going under contract and eventually selling this week for $750,000 cash. This 5 bedroom, 3.5 bathroom unfurnished bay view home has 2144 square feet of living space, and the Villa Del Sol HOA will feature a community pool, clubhouse and deeded boardwalk access to the beach for all 59 properties in the association. This is one of many lots which Truland Homes bought from the most recent Villa Del Sol developer in bulk last year for spec home building.
  • 266 S Palm Street – We have a new benchmark on Indian Pass beach, as this 5 bedroom, 4.5 bathroom, 2576 square foot Gulf front home just sold for $2,250,000 with conventional financing. This well-appointed, fully furnished house was built in 2020, sits on a 75′ wide lot, has a private pool, and produced over $163K in gross rental income last year. This property was on the market for 48 days asking $2,200,000 before going under contract and making it to closing this week. The seller was the builder who purchased this vacant lot in 2019 for $185,000.
  • Lot 6 Sea Mist Drive – Here’s a vacant lot also located on the Indian Pass peninsula, this Gulf view property is second tier to the beach (two behind Gulf front) with nice potential views, measuring just under a quarter of an acre. This property was on the market for 134 days asking $179,000 for the first couple of months, then reduced to $169,000, and it just sold for the full $169,000 cash. The sellers only purchased this property last July for $140,000.
  • 10 Reservation Way – One more lot sale this week on Indian Pass, here’s a Gulf front 50′ wide lot in The Reservation, a 17 lot subdivision on the beach side of Indian Pass Road which has a community pool and deeded beach access boardwalk. This 0.38 acre property was on the market for 130 days asking $395,000, and just sold for $380,000 cash, just under four years after sellers last purchased for $210,000.
  • Lot 3 Sapodilla Lane – Circling back to the north Cape, this Gulf view lot in the Sunset Point community near the state park just sold for $277,000 cash. The Sunset Point HOA features a community pool and deeded beach access via community boardwalk, and this 0.34 acre lot which backs up to the Seacliffs condos was on the market for 949 days with an asking price of $279,900 before recently going under contract and selling. The sellers paid $700,000 for this property back in 2005 in a very different market.
  • Lot 1 Hemmingway Circle – Another lot sale this week in Sunset Point on the north Cape, this 0.24 acre interior lot has some potential bay views from a future home site. This vacant lot was on the market for 18 days asking $109,500, and just sold for $95,000 cash, which is quite a bit more than the $32,500 price the sellers paid for the property in 2020.
  • Lot 78 Regatta Drive – We’re now moving over to the high-end Ovation Subdivision on the north Cape, which features Gulf and bay side community pools, boardwalks & docks, tennis courts & clubhouses, well-manicured common grounds and gated entries. This 0.19 acre bay side lot has Gulf and bay views possible from a future home site, was on the market for 13 days asking $159,900, and just sold for $154,500 cash. The sellers paid $135,000 for this lot less than one year ago.
  • Lot 79 Regatta Drive – Here’s the neighboring lot in the Ovation bay side phase of the community, also featuring peek-a-boo bay and Gulf views from a future home site. This 0.17 acre lot was on the market for 168 days asking $139,900, and just sold for $137,500 cash. This was a different seller who purchased this lot for $63,000 in 2017, but the same buyer purchased both lots 78 and 79.
  • 108 Mariner Lane – A final vacant lot sale to report for this week, this interior South Beach subdivision lot is located on the south Cape and measures 100′ x 120′. South Beach features a gated entrance and a deeded beach access via a nice community beach boardwalk. This property originally came on the market back in the summer of 2019 asking $99,000, went through some price changes before settling on $119,000 in October of 2021, and just sold for $110,000 with conventional financing. The sellers had owned this lot since 2015, when they purchased for $100,000.

There were nine new contracts agreed upon between buyers and sellers in our comparative market in the past 7 days, five were new residential contracts, and four were new vacant lot contracts. We can also report four cancelled contracts this week, although two of the cancelled contracts had backup buyers waiting, and are already under contract again (included in the new contracts for this week). One more price reduction to note for the week, along with three expired vacant lot listings and two withdrawn residential listings which are no longer on the market.

On to the new listings hitting our market this week, which include three new residential listings (one already under contract) and two new vacant lot listings. This brings our total inventory count to only 16 homes for sale and 70 vacant lots for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor.

I hope everyone has a nice weekend and enjoys the Final Four from the NCAA basketball tournament. Also on Saturday is the Salt Air Farmer’s Market in Port St. Joe from 9 to 1, definitely worth checking out if you’re in town. Thanks again for reading the weekly Cape San Blas Real Estate Blog – please let me know anytime I can be of service, (850)899-8765 or [email protected].

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